Greg Abel will be the heir of the very famous investor Warren Buffett. Here’s who the future "Oracle of Omaha" is and how much he earns.
Officially, Greg Abel will be the heir of the investor Warren Buffett, the "oracle of Omaha", famous for his forecasting skills in financial investments.
During last weekend, at the annual convention of the Berkshire Hathaway holding, in front of 17,000 investors (and fans fascinated by Buffett) present at the Nebraska sports arena, the investor Buffett officially declared who will inherit his role.
At first glance, Greg Abel doesn’t seem like the worthy heir to the charismatic Buffett, but appearances can be deceiving. The 60-year-old who began his career as an accountant is actually the person who has been behind the scenes at Buffett’s holding company for the past five years, leading almost all of the group’s businesses with the only exception being Geico insurance.
Abel is therefore the de facto heir to the group that deals with the railway network Bnsf, air transport with NetJets, the food sector with Dairy Queen and which has important stakes in Apple, Coca Cola, Bank of America and American Express and large investments in renewable energies than in traditional ones deriving from fuels with Chevron and Occidental Petroleum. Let’s find out who is Greg Abel and how much does Buffett’s heir earn.
Who is Greg Abel, Warren Buffett’s heir?
The appointment of Greg Abel as Warren Buffett’s heir was more of an officialization than a coronation, as already two years ago Berkshire vice chairman and Buffett’s right-hand man, Charlie Munger, then ninety-nine years old, had involuntarily revealed the news, which was to remain confidential.
After that announcement, therefore, nothing changed, Abel continued to work behind the scenes, invisible even during the 2021 convention. Born in 1962, Greg Abel holds a degree in accounting from the University of Alberta in Canada in 1984, pursuing a career as chartered accountant at PricewaterhouseCoopers in San Francisco. In 1992, in his 30s, he joined CalEnergy, an electricity producer, and then in 2008 became the Ceo of MidAmerican Energy, a Midwestern power company.
It was only in 2014 that Abel joined the Berkshire Hathaway group, employed by Bhe (Berkshire Hathaway Energy), then becoming a member of the board of directors and vice president of the conglomerate in 2018, with responsibility for non-insurance operations. In 2021 it was then designated by Warren Buffett as his own successor, making investors hope that in the future the company will be even more careful in investments in the energy and oil sector.
What is Warren Buffett’s heir Greg Abel net worth?
Although he had already been in charge of the group for 5 years, Abel was publicly recognized as the heir to Warren Buffett. While he loves his privacy and confidentiality, Abel had to come out to reassure investors who were beginning to worry about the advanced age of the leaders of the Berkshire Hathaway holding. Buffet is now 92 years old, while his right-hand man, Charlie Munger, is now a centenary.
With this title, Abel inherits a $710 billion conglomerate made up of numerous companies, which Abel would now know by heart and better than Buffett, as the "Omaha oracle" himself admitted. Currently, the future oracle already has assets of Berkshire shares worth approximately $100 million, working as a manager Buffett has earned approximately $19 million per year.
To demonstrate his commitment to the company, Abel reportedly decided to buy other stocks for 25 million - certainly a large sum of money, but it looks bad compared to the $870 million that Abel received by selling his stake in Berkshire Energy, the energy arm of the group which he has managed and grown for many years. A fact that certainly "taints" the nomination of the future heir of the "Omaha oracle". However, as the Italian Corriere della Sera suggests, Abel’s could only be the first investment, conserving resources and projects for when he takes over the reins of the Buffett group entirely.
Original article published on Money.it Italy 2023-05-14 17:41:56. Original title: Quanto guadagna Greg Abel, l’erede di Warren Buffett?
